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Permanent accounts are defined as: the process of transferring the debit and credit information from the journal to individual accounts in the general ledger recording events that have occurred but that have not been recorded, such recording Insurance expense at the end of the month from a prepaid policy entries that transfer balances of all temporary accounts (revenues, expenses, and dividends) to the balance of the retained earnings account revenues, expenses, and dividends that are closed out at the end of each accounting period and transferred to Retained Earnings so that the new period begins with a zero (0) balance for these accounts. the balance sheet accounts where the balances are carried forward from period to period. When a dividend is paid by a corporation, what is the effect on the Accounting Equation? Decrease abilities Decrease stockholders' city Increase assets No effect What is the correct journal entry to close out the following Expense accounts at the end of the accounting period on 12/31 after the financial statements have been prepared? (Select ALL that apply) Rent Expense $5,000 Salaries Expense $10,000 Debit Salaries Expense Credit Salaries Expense Debit Revenue Credit Revenue Credit Net Income Debit Net Income Debit Retained Earnings Credit Retained Earnings Debit Rent Expense Credit Rent Expense $